In this paper, we propose a more general form of realignment to show th at the honeymoon expectation of what would happen when the upperlimit is approaching. We not only consider more general forms of reglignment and intervention, but also consider the possibility of widening the band. In general, the existnce of a honeymoon effect depends not only on the structural parameters, but also on the direction of reglignment. If there is a possibility that a future policy change will bring the fundamental far from current band, then it would de-stabilize the exchange rate. The result the would depend on whether or not the stable factor outweighs the unstable one.